Business
Trustmark Corporation Announces Fourth Quarter and Fiscal Year 2021 Financial Results
Solid Balance Sheet Growth, Record Results in Insurance and Wealth Management JACKSON, Miss.--(BUSINESS WIRE)-- Trustmark Corporation (NASDAQGS:TRMK)
About this update from Trustmark Corporation
[{"type":"text","content":"\nSolid Balance Sheet Growth, Record Results in Insurance and Wealth Management\n\n JACKSON, Miss.--(BUSINESS WIRE)--\nTrustmark Corporation (NASDAQGS:TRMK) reported net income of $26.2 million in the fourth quarter of 2021, representing diluted earnings per share of $0.42. For the full year, Trustmark’s net income totaled $147.4 million, representing diluted earnings per share of $2.34. Trustmark’s net income in 2021 produced a return on average tangible equity of 10.81% and a return on average assets of 0.86%. Trustmark’s Board of Directors declared a quarterly cash dividend of $0.23 per share payable March 15, 2022, to shareholders of record on March 1, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220125005343/en/\nPrinter friendly version of earnings release with consolidated financial statements and notes: https://www.businesswire.com/news/home/52567902/en\n\n2021 Highlights\n\n\nLoans held for investment (HFI) increased $423.3 million, or 4.3%\n\n\nNonperforming assets declined 10.1% to represent 0.64% of loans HFI and held for sale (HFS)\n\n\nRecoveries exceeded charge-offs by $3.7 million\n\n\nTotal deposits increased $1.0 billion, or 7.4%\n\n\nRepurchased $61.8 million, or approximately 1.9 million shares of common stock\n\n\nInsurance and Wealth Management businesses had a record year with revenue up 7.4% and 11.3%, respectively\n\n\nMortgage Banking revenue totaled $63.8 million with loan production exceeding $2.8 billion\n\n\nNoninterest income totaled $221.9 million and represented 34.7% of total revenue\n\n\nCompleted voluntary early retirement program that reduced workforce by 3.6%\n\n\nExpanded market optimization efforts with a net reduction of 10 offices during the year\n\n\nContinued technology investments to enhance efficiency and productivity\n\n\nDuane A. Dewey, President and CEO, commented, “Our banking and mortgage banking businesses performed well while our insurance and wealth management businesses achieved record results. We experienced significant loan and deposit growth, and credit quality remained strong. While we continue to navigate the challenging low interest rate environment, we remain committed to positioning the company for continued long-term success. Our balance sheet is well positioned for rising interest rates. We will...